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Ethereum is consolidating gains above $1,500 against the US Dollar. ETH could start another increase and clear the $1,600 resistance zone in the near term.
- Ethereum is showing positive signs above the $1,500 and $1,520 resistance levels.
- The price is now trading above $1,550 and the 100 hourly simple moving average.
- There is a connecting bullish trend line forming with support near $1,570 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise further unless there is a downside break below the $1,515 support.
Ethereum Price Eyes Another Increase
Ethereum price remained stable above the $1,500 resistance. ETH made another attempt to clear the $1,600 resistance zone, similar to bitcoin at $21,500.
However, the bears were active near the $1,600 resistance zone. A high is formed near $1,607 and the price is now consolidating gains. There was a minor decline below the 50% Fib retracement level of the upward move from the $1,541 swing low to $1,607 high.
The price is now showing positive signs above the $1,540 support. It even remained stable above the 61.8% Fib retracement level of the upward move from the $1,541 swing low to $1,607 high.
Ether price is now trading above $1,550 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $1,570 on the hourly chart of ETH/USD. An immediate resistance is near the $1,600 level. The next major resistance is near the $1,620 level. An upside break above the $1,620 resistance zone could start a fresh increase.
Source: ETHUSD on TradingView.com
In the stated case, the price may perhaps rise towards the $1,700 resistance. Any more gains might send the price towards $1,720 or even $1,750 in the near term.
Dips Limited in ETH?
If ethereum fails to clear the $1,600 resistance, it could start a downside correction. An initial support on the downside is near the $1,575 level and the trend line.
The next major support is near the $1,550 level. If there is a move below $1,550, the price might test the $1,515 support. Any more losses might call for a test of the $1,450 zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,540
Major Resistance Level – $1,600
